The organization Oxfam said on Monday that the five most affluent men in the world have more than doubled their fortunes since 2020 and urged governments to oppose the ultra-rich’s sway over tax laws.
According to a charity report released this week during the World Economic Forum in Davos, the wealthiest individuals in the world have increased from $405 billion in 2020 to $869 billion in the previous year.
However, Oxfam reported that since 2020, around five billion people have become impoverished globally.
Even though the global economy has been severely damaged by numerous crises since the start of this decade, such as the COVID-19 epidemic, billionaires are already $3.3 trillion richer than they were in 2020.
The temporary head of Oxfam International, Amitabh Behar, told reporters, “We cannot continue with these levels of obscene inequality.” Capitalism is at the service of the super-rich,” he said it demonstrated.
He forecasted that the world would witness its first “trillionaire” in ten years due to the current trend of wealth among the wealthiest people on the planet.
Every year, right before the Davos summit begins on Monday in the eponymous Swiss Alpine resort, Oxfam releases its annual report on global inequality.
